As we said a happy farewell to 2020, this year looks ahead with a prop up to the property market.
You may be someone who has experienced the competitiveness that is finding a new rental and/or purchasing a new or established property. It is not uncommon this year to hear that properties are going under contract with offers well above the advertised asking price and without an inspection being held.
Can you imagine being accepted for your offer or rental application and the photos looking nothing like the real thing?
Unfortunately this is a reality for some due to the competitiveness in the market and their willingness to secure a property. When a property actually holds an open home or rental inspection there can be people lined up out the door with multiple applications or offers being submitted on that day. The competitiveness of the tight rental market also has prospective tenants offering above the asking rental price just to secure housing.
Many of the staff at Chase Edwards in both our Queensland and New South Wales offices have experienced the strong competitiveness in late 2020 and at present.
On the other hand, this is great news for investors as there is a high demand for rentals and record low vacancy rates. According to a survey by comparison site Finder out of 20,353 respondents, 44% expected property values to “somewhat increase” which was a massive jump from 18% back in April 2020. The Insights Manager at Finder stated that,
“This rebound in buyer confidence is indicative of increased economic activity over the past few months, along with an optimistic outlook for 2021”.